HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

China Healthcare Weekly (Nov.16) - Crazy Healthcare IPOs, Don't Bet on BD, Biokin HK IPO Delayed

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Pre-IPO Tong Ren Tang Healthcare Investment (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Softcare - Strong Performance Growth Momentum Would Continue

Pre-IPO Herb Standard Holdings Limited - The Business, the Concerns and the Outlook

Zijin Gold (2259 HK) 25Q3 - Updates on Forecast/Valuation and Potential Risks Behind

Equity Capital Markets

<ul>
<li>The rise of Softcare is in line with the logic of "Chinese supply chain going global".It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.</li>
<li>Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.</li>
<li>Given that Softcare's main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.</li>
</ul>


The rise of Softcare is in line with the logic of "Chinese supply chain going global".It has solved channel/cost problems through localized production, quickly captured market share with low-price tactic.
Our forecast benefiting from market penetration/capacity expansion, revenue growth could be 15% YoY in 2025.In 2026-2027, as competition intensifies, revenue growth may slow down to 12% YoY, 10% YoY respectively.
Given that Softcare's main market is in Africa, which is characterized by high growth and high risk, a forecasted P/E of 8-12x for 2025 could be a comfortable valuation range.


Pre-IPO Softcare (PHIP Updates) - Some Points Worth the Attention